The first signs of hyperinflation have arrived. As I will explain later in this article, it began last week with the meeting of POTUS Obama and his most supportive lobby, the banking industry. Just a few months into Obama’s first term as US President in early 2009, I penned an article, “8 Reasons Why the Obama Administration Will Not Solve this Crisis by the End of 2009.”Although the title of that article title sounds absurd today, idol worship was so high of Obama immediately following his election not only in the US but all across Europe, that media commentators across the world were implying, and sometimes matter-of-factly stating, that Obama would be well on his way to solving the global monetary crisis by the end of his first year as POTUS. In direct opposition to the media love affair with Obama, shortly after his election in 2008, I objectively studied Obama’s support of a massive bailout plan for banks in his first months of service and his freshly minted appointments of Timothy Geithner, William Daley, William Donaldson, Robert Rubin, Roger Ferguson and Paul Volcker to his economic advisory board and key cabinet positions. Based upon my findings, I concluded that beyond a shadow of a doubt, banking cronyism would expand, multiply, and go unprosecuted under Obama’s watch.
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